Austria GDP

Austria: Economy grows at steady pace in Q3

October 30, 2015

According to preliminary estimates released by the Austrian Institute of Economic Research (WIFO) on 30 October, the economy grew at a steady pace in the third quarter of 2015. GDP grew 0.3% in Q3 compared to the previous quarter, matching Q2’s result.

According to WIFO, most components of GDP expanded at the same rate in Q3 as in Q2, with exports and imports being the only components that picked up pace. Private consumption recorded zero growth over the previous period, in line with Q2’s reading, and government consumption also grew 0.2% over the previous quarter. Fixed investment remained at Q2’s 0.5% expansion.

In the external sector, exports of goods and services rose 1.4% over the previous quarter, which followed the 1.0% increase registered in Q2. Imports grew 1.6% in Q3, edging up from Q2’s 0.9% expansion.

Compared to the same period of the previous year, the economy grew 1.0% in Q3, which was up from Q2’s 0.7% rise. More detailed data will be released on 27 November.

The Austrian National Bank (OeNB) expects the economy to grow 0.7% in 2015. For 2016, the Bank sees economic growth picking up to 1.6%. FocusEconomics panelists project that the economy will grow 0.8% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 1.4%, which is also unchanged from last month’s forecast.